Korte Company reported the following information for 2014:

Sales revenue $1,500,000

Cost of goods sold 1,050,000

Operating expenses 165,000

Unrealized holding gain on available-for-sale securities 50,000

Cash dividends received on the securities 6,000

For 2014, Korte would report comprehensive income of what amount?

Answer: For 2014, Korte would report comprehensive income of $341,000.

Explanation:

Korte Company

Comprehensive income statement for 2014 (extract)

Sales revenue $1,500,000

Cost of goods sold (1,050,000)

Gross profit 450,000

Operating expenses (165,000)

Other income:

Unrealised gain on AFS securities 50,000

Dividends received 6,000

Comprehensive income $341,000